Japan’s demand for fuel oil for power plants is expected to rise 10% in the current financial year to end-March 2023 from a year earlier, the president of the Petroleum Association of Japan (PAJ) said on Wednesday.

Shunichi Kito, the president of PAJ, also said that no considerations have been made to release more oil from Japan’s national reserves.

U.S. President Joe Biden will announce a plan on Wednesday to sell off the last portion of a release from the nation’s emergency oil reserve by year’s end, a senior administration official said.
Source: Reuters (Reporting by Yuka Obayashi; Editing by Tom Hogue)